"I am thrilled to work with my friends at Lightstorm again," Sherak said.

Sanchini and Landau added: "We are not only excited by the enthusiasm Todd Garner has shown for the material, but we are also impressed by the insight he has already brought to the story development."

A comedy/adventure set in the Old West, "The Hanging Tale" centers on a man who is about to be hanged for petty crimes. While awaiting death, he tells the surrounding crowd a story of his journey in search of Spanish treasures.

"I would describe it as 'Princess Bride' meets the tales told by Scheherazade," Garner said.

Rubin is repped by the Gersh Agency and managed by Peter Heller. Curtis Burch, development veep at Lightstorm, will oversee the project.